Turkiye plans to build reserves as IMF expects slower growth in 2024

Period of uncertainties: A shop for rent sign in Ankara. Turkiye’s growth is projected to slow to 3.25% in 2024 from 4% this year. — AFP

ISTANBUL: Turkyish Treasury and Finance Minister Mehmet Simsek pledges to build up currency reserves as the International Monetary Fund (IMF) forecast slower growth and a narrower current-account deficit for 2024 as Turkiye tightens its monetary policy.

“We will continue to accumulate international reserves as much as market conditions allow,” Simsek said in a message on X, formerly Twitter, late Friday after meeting investors in London.